A bill to amend section 719 of the Defense Production Act of 1950, as amended, to authorize the grant of exemptions to the Cost Accounting Standards by the Director of the Office of Management and Budget.

Amends the Defense Production Act of 1950 to authorize the Office of Management and Budget to exempt from cost accounting standards such classes or categories of defense contractors or subcontractors under contracts negotiated in connection with national defense procurements as the Director of the Office of Management and Budget determines, on the basis of the size of contracts involved or otherwise, are appropriate.